Image Source: Danny Cornelissen
By Callum Turcan
Front month futures for May deliveries of West Texas Intermediate recently touched a five-month high on the back of stronger than expected macroeconomic data (particularly in America and China) supporting consumption growth forecasts, sharp output declines from OPEC (led by voluntary cuts from Saudi Arabia and involuntary cuts by Venezuela), and a string of oil rig count reductions in the United States over the past few months. With WTI now firmly over $60 a barrel and front month Brent futures approaching $70 a barrel, we should take a